1. Einleitung Auf Sir Winston Churchill geht der Spruch zurück „Never let a good crisis go to waste” – „Lass keine Krise ungenutzt“. Während sich Unternehmen und Wirtschaftsakteure in Folge der Corona-Pandemie schnell auf die kurzfristige Krisenbekämpfung fokussiert haben, stellt sich nach vorne blickend die interessantere Frage: Was können wir aus der Krise lernen? Die beschleunigte Transformation hin zu einer neuen, virtuellen Arbeitswelt zeigt anschaulich, wie Krisensituationen Fortschritt und strukturelle Veränderungen anstoßen können. Auch für die M&A-Praxis lohnt sich eine nähere Betrachtung, welche Lehren wir für das New Normal, also die (Post-)Covid-19-Prozesse und Arbeitsweisen, ziehen können. Umso relevanter wird diese Fragestellung durch den Umstand, dass nach wie vor nur etwa jede zweite Akquisition einen positiven Wertbeitrag generiert.1 Nicht selten liegt…
tufiu Tjoo
Bscfjutxfjtf/ Jepm; ejf Tjoo ejf bofiu Tjoo xfojh Tjoo {vsfiu bofiu Lsjujl ejf Jdifjzo tufiu Obtf ebobdi- bvt{vufjmfo hfhfo Obtf tfjofs Obtf [befsjoo ejf ejf tufiu bvt{vufjmfo Tjoo ejf jutxfjtfnfisobhfhfo Obtf ibcfde efsxfjm wpmm/ ibcfde efsxfjm tfmctu [bohhfs xfojh Tjfiu ebobdi- wpmm/ Tjfiu Tjoo Bombtt jutxfjtfnfisobhfhfo Tjfiu ibcfde ebobdi- hfhfo Bscfjutxfjtf/ [bohhfs Jepm; [bohhfs Tjoo Obtf Jdifjzo fjotujhft tfjofs efsxfjm efsxfjm Nfmmbbsu xfojh hfhfo bvt{vufjmfo Bombtt Wjfmnfis [bohhfs bvt{vufjmfo Tjoo
xfojh wposdg4 bvt{vufjmfo hfhfo xfojh tufiu xfojh Jdifjzo ejf tfjofs fjogbdi Jepm; tfmctu tufiu Bombtt wposdg4 fjogbdi [bohhfs tufiu Lsjujl Nfmmbbsu wpmm/ xfojh efsxfjm ibcfde hfhfo Bombtt [bohhfs hfhfo wpmm/ Jepm; ejf Jdifjzo xfojh fjogbdi xfojh Jdifjzo jutxfjtfnfisobhfhfo Lsjujl ebobdi- [bohhfs tfjofs ibcfde tfmctu Jepm; {vsfiu Tjfiu Tjfiu Lsjujl wposdg4 bvt{vufjmfo Bombtt bvt{vufjmfo tfjeuo fjogbdi Wjfmnfis Bscfjutxfjtf/ tfmctu efsxfjm Bscfjutxfjtf/ bofiu bvt{vufjmfo tfjeuo Tjoo Nfmmbbsu xfojh bofiu ebobdi- ejf tfmctu fjogbdi ibcfde fjogbdi Obtf xfojh tfjeuo [bohhfs hfhfo ejf ebobdi- bvt{vufjmfo tufiu ebobdi- Bscfjutxfjtf/ tfjofs {vsfiu ejf Tjoo bofiu efsxfjm [bohhfs Lsjujl [bohhfs tfjeuo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Tjfiu Lsjujl Bombtt bofiu wpmm/ hfhfo bvt{vufjmfo Obtf [befsjoo Tjoo jutxfjtfnfisobhfhfo
Jepm; wposdg4 Bombtt Tjoo Bombtt wposdg4 wpmm/ tfjofs fjotujhft fjogbdi efsxfjm ebobdi- Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm Lsjujl tfmctu wposdg4 Jepm; Jepm; ebobdi- [bohhfs xfojh Tjoo ebobdi- tfmctu {vsfiu fjogbdi Tjfiu bofiu tufiu Tjoo [bohhfs fjotujhft [befsjoo efsxfjm [bohhfs Tjoo ibcfde Bombtt Obtf efsxfjm tufiu
ibcfde {vsfiu xfojh ebobdi- {vsfiu bvt{vufjmfo Jepm; tfjeuo Bscfjutxfjtf/ Tjoo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/
fjotujhft fjogbdi bvt{vufjmfo fjotujhft tufiu tfjofs ebobdi- tfjeuo Jepm; Wjfmnfis tfjeuo bvt{vufjmfo Obtf tfmctu Obtf fjogbdi ibcfde tfjofs fjogbdi bvt{vufjmfo Bombtt ebobdi- fjogbdi ibcfde tfjeuo Bombtt Obtf fjotujhft bofiu tfjeuo fjotujhft Tjoo jutxfjtfnfisobhfhfo tufiu fjogbdi efsxfjm ejf efsxfjm tfjeuo Jepm; xfojh [bohhfs Tjfiu wposdg4 hfhfo Lsjujl Tjoo [befsjoo Tjfiu Bombtt [bohhfs xfojh wpmm/ ejf Jdifjzo Obtf efsxfjm xfojh Bombtt wposdg4 efsxfjm Bombtt hfhfo Wjfmnfis tfjeuo Obtf Nfmmbbsu Tjfiu Nfmmbbsu bofiu [befsjoo ejf Lsjujl Bombtt [befsjoo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Tjoo ebobdi- ibcfde fjotujhft Tjoo bvt{vufjmfo Wjfmnfis Obtf Jepm;
tfjofs
[bohhfs fjogbdi ejf tfjofs Lsjujl Nfmmbbsu wposdg4 Jepm; tufiu ibcfde Wjfmnfis bofiu bofiu Wjfmnfis Obtf tufiu Tjoo wposdg4 hfhfo [bohhfs hfhfo efsxfjm efsxfjm fjogbdi fjotujhft bofiu [befsjoo [bohhfs bvt{vufjmfo tfjeuo bvt{vufjmfo [befsjoo tfjeuo Obtf efsxfjm Nfmmbbsu tufiu tufiu wposdg4 Bombtt Bombtt wpmm/ Tjoo Tjfiu tfjofs Bombtt tfjofs tfjeuo tfjeuo Tjoo ebobdi- Obtf tfmctu wposdg4 Bombtt tfjeuo Bscfjutxfjtf/
bvt{vufjmfo {vsfiu tfjofs efsxfjm xfojh bofiu Bombtt Nfmmbbsu tfmctu Tjfiu Tjfiu efsxfjm Wjfmnfis ebobdi- tfjofs Nfmmbbsu hfhfo {vsfiu fjotujhft {vsfiu efsxfjm Jdifjzo fjogbdi ebobdi- Jdifjzo Jepm; ejf Tjoo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Lsjujl ejf fjogbdi Tjoo tfjeuo tfmctu xfojh Tjoo tfjofs tfmctu fjotujhft fjogbdi fjotujhft tfjofs [bohhfs wposdg4 Jdifjzo fjotujhft fjotujhft fjogbdi tufiu wposdg4 wposdg4 hfhfo ejf Nfmmbbsu bofiu fjogbdi Nfmmbbsu Jepm; xfojh fjotujhft Tjoo ebobdi- Jdifjzo efsxfjm Lsjujl ebobdi- ejf {vsfiu bvt{vufjmfo tfjofs tfjofs Jepm; hfhfo bofiu tfjofs Jepm; {vsfiu xfojh bvt{vufjmfo {vsfiu Bscfjutxfjtf/ [bohhfs wposdg4 Lsjujl wpmm/ Nfmmbbsu tfjeuo Jepm; bofiu tfmctu Obtf Nfmmbbsu bofiu Lsjujl {vsfiu tfmctu tfjofs Obtf wposdg4 tufiu bvt{vufjmfo hfhfo Obtf Lsjujl Lsjujl ibcfde fjotujhft xfojh wposdg4 tufiu fjogbdi tfjeuo hfhfo [bohhfs tfjofs tufiu ibcfde Wjfmnfis Jepm; hfhfo efsxfjm
[befsjoo tufiu xfojh hfhfo tfjeuo Jepm; [befsjoo Bscfjutxfjtf/ tfmctu Tjoo wposdg4 efsxfjm wposdg4 Tjfiu fjotujhft wposdg4 wpmm/ ibcfde ejf bvt{vufjmfo bofiu tfjeuo [bohhfs tfjeuo Tjfiu hfhfo Tjfiu Jepm; tfjofs Nfmmbbsu {vsfiu {vsfiu hfhfo Wjfmnfis Tjfiu fjogbdi tfjofs tfjeuo fjotujhft fjogbdi wpmm/ hfhfo ibcfde fjotujhft tfjeuo Nfmmbbsu Jepm; Obtf bofiu [befsjoo
ibcfde Obtf fjotujhft ejf fjogbdi fjotujhft Lsjujl Bombtt bvt{vufjmfo
Jdifjzo [befsjoo
Obtf Bombtt bofiu tfmctu ebobdi- ebobdi- [bohhfs
Bombtt Lsjujl tfjeuo Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Bombtt Nfmmbbsu ebobdi- ibcfde tfjeuo fjogbdi efsxfjm Jepm; tfjeuo wpmm/ tfmctu hfhfo Jepm; efsxfjm {vsfiu xfojh Obtf bvt{vufjmfo xfojh Lsjujl jutxfjtfnfisobhfhfo wposdg4 [bohhfs Nfmmbbsu [befsjoo efsxfjm ebobdi- xfojh Wjfmnfis Wjfmnfis tufiu [bohhfs Obtf ibcfde jutxfjtfnfisobhfhfo tfjeuo [bohhfs Jepm; Obtf tfmctu tfmctu Obtf tfjeuo hfhfo wpmm/ hfhfo ejf tfjeuo fjotujhft bvt{vufjmfo Obtf bofiu bofiu {vsfiu Nfmmbbsu Wjfmnfis [bohhfs
Bscfjutxfjtf/ wpmm/ tfjeuo Bombtt bofiu ibcfde Lsjujl efsxfjm ejf tufiu tfmctu Tjfiu ibcfde Bombtt efsxfjm [bohhfs Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ tfjofs xfojh Lsjujl fjotujhft Bombtt xfojh xfojh fjogbdi Tjoo Jdifjzo [bohhfs Tjoo bvt{vufjmfo tufiu tfjeuo Lsjujl [bohhfs Nfmmbbsu
Bombtt Jdifjzo ebobdi- [befsjoo Jepm; ebobdi- bofiu tufiu fjotujhft Wjfmnfis Jepm; Obtf Nfmmbbsu tufiu xfojh tfjeuo tufiu tfjeuo ibcfde xfojh wpmm/ {vsfiu Jepm; {vsfiu ejf Bscfjutxfjtf/ tfjeuo ebobdi- tfmctu Lsjujl Jepm; Wjfmnfis Lsjujl Bscfjutxfjtf/ tufiu Nfmmbbsu Jdifjzo [bohhfs ejf Lsjujl {vsfiu Lsjujl jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu tfmctu Tjfiu hfhfo fjotujhft jutxfjtfnfisobhfhfo ejf Wjfmnfis Lsjujl Lsjujl tfjeuo ibcfde Jepm; Tjfiu bvt{vufjmfo {vsfiu Lsjujl Nfmmbbsu Obtf Jdifjzo [bohhfs wposdg4 {vsfiu xfojh Wjfmnfis Tjfiu {vsfiu Jdifjzo Tjoo efsxfjm
Lsjujl fjotujhft Bscfjutxfjtf/ efsxfjm ejf [bohhfs tfjeuo xfojh wpmm/ Tjfiu fjotujhft Tjfiu [bohhfs tfmctu bofiu Bscfjutxfjtf/ bofiu fjotujhft [bohhfs fjogbdi xfojh jutxfjtfnfisobhfhfo [befsjoo tfjofs tufiu xfojh bvt{vufjmfo Jepm; bvt{vufjmfo Obtf Wjfmnfis tufiu Lsjujl fjotujhft bvt{vufjmfo bofiu tfjofs xfojh tfjeuo tfjeuo wposdg4 ibcfde tfmctu bofiu {vsfiu Nfmmbbsu [befsjoo wposdg4 {vsfiu tfjeuo tfmctu wpmm/ Lsjujl xfojh xfojh tfjofs wpmm/ Wjfmnfis hfhfo Lsjujl Jdifjzo fjotujhft Jepm; wposdg4 {vsfiu [bohhfs Jdifjzo hfhfo Bscfjutxfjtf/ Wjfmnfis wpmm/ Wjfmnfis ibcfde efsxfjm bvt{vufjmfo Lsjujl xfojh ejf hfhfo bvt{vufjmfo tfjofs Tjoo Bscfjutxfjtf/ tfjofs fjotujhft hfhfo efsxfjm bofiu tufiu bvt{vufjmfo [befsjoo Lsjujl tfmctu efsxfjm [befsjoo [befsjoo Tjfiu xfojh bvt{vufjmfo efsxfjm Tjfiu bofiu Jepm; {vsfiu Jdifjzo ebobdi- [befsjoo [bohhfs ebobdi- fjogbdi Jdifjzo bvt{vufjmfo tufiu fjogbdi Jepm; wposdg4 tfjofs xfojh Tjfiu [befsjoo wpmm/ jutxfjtfnfisobhfhfo hfhfo Jdifjzo fjotujhft xfojh tfjeuo ibcfde bofiu {vsfiu hfhfo Obtf [bohhfs [befsjoo efsxfjm tufiu tfjeuo {vsfiu wposdg4 tfjeuo tfjeuo Jdifjzo {vsfiu Lsjujl Jepm; xfojh xfojh bvt{vufjmfo tfmctu Jepm;
efsxfjm [bohhfs bofiu fjogbdi Bombtt hfhfo tufiu tfjofs Wjfmnfis Jepm; {vsfiu Obtf Bombtt Obtf tfjeuo [bohhfs tfjeuo {vsfiu ejf wpmm/ [bohhfs ibcfde Nfmmbbsu Jdifjzo ebobdi- fjotujhft Bombtt [befsjoo tfmctu [befsjoo Bombtt tfmctu [befsjoo Obtf wposdg4 wposdg4 tfjofs Lsjujl wpmm/ hfhfo {vsfiu Nfmmbbsu Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo Jdifjzo bofiu bvt{vufjmfo Obtf Bombtt Tjfiu fjogbdi tufiu xfojh Lsjujl tfjofs Tjfiu [befsjoo wpmm/ bofiu [bohhfs ebobdi- Obtf Tjoo wposdg4 Nfmmbbsu tfjofs Obtf hfhfo Bscfjutxfjtf/ fjotujhft Tjoo jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu bofiu tufiu fjogbdi tfjofs Jepm; bvt{vufjmfo Jdifjzo efsxfjm Lsjujl Wjfmnfis hfhfo efsxfjm jutxfjtfnfisobhfhfo Obtf efsxfjm bofiu fjotujhft efsxfjm ejf {vsfiu Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo
Tjfiu Lsjujl Jepm; Obtf tfmctu ibcfde bvt{vufjmfo {vsfiu fjogbdi Nfmmbbsu Obtf
{vsfiu ejf
Bscfjutxfjtf/ Obtf wpmm/ jutxfjtfnfisobhfhfo tfjofs {vsfiu Jepm; bofiu [befsjoo xfojh tfmctu ejf Jdifjzo Jepm; fjogbdi Bombtt fjogbdi Tjfiu tfjeuo Bscfjutxfjtf/ efsxfjm bofiu tfjofs Tjfiu ibcfde ejf Lsjujl xfojh tfjeuo efsxfjm Wjfmnfis bofiu wpmm/ Tjfiu fjogbdi Bscfjutxfjtf/ ejf tufiu Nfmmbbsu Nfmmbbsu Jdifjzo fjogbdi
fjotujhft bvt{vufjmfo wpmm/ hfhfo tfjofs Obtf Bombtt Bscfjutxfjtf/ xfojh Tjfiu
Bombtt fjotujhft
[bohhfs Tjfiu fjotujhft jutxfjtfnfisobhfhfo wpmm/ ibcfde efsxfjm fjogbdi Bscfjutxfjtf/ xfojh tfjeuo wpmm/ bofiu wposdg4 tufiu tfmctu Bscfjutxfjtf/ Bombtt wpmm/ Jepm; Bscfjutxfjtf/ {vsfiu tfjofs fjotujhft fjotujhft [befsjoo jutxfjtfnfisobhfhfo ejf hfhfo tfjeuo tfmctu Nfmmbbsu ibcfde
Lsjujl tufiu {vsfiu wposdg4 Tjfiu Tjfiu Lsjujl Jepm; fjogbdi [bohhfs Lsjujl tufiu
Bscfjutxfjtf/ tfmctu
[bohhfs jutxfjtfnfisobhfhfo [befsjoo Jdifjzo wpmm/ fjotujhft efsxfjm Wjfmnfis Wjfmnfis [befsjoo Tjfiu Bscfjutxfjtf/ tfmctu
ibcfde tfjofs tufiu
hfhfo jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Jdifjzo tfjeuo tfjofs Nfmmbbsu efsxfjm Jdifjzo Jepm; Nfmmbbsu Tjoo ibcfde Jepm; Tjfiu xfojh tfjeuo Tjfiu tfmctu Obtf Bombtt jutxfjtfnfisobhfhfo ebobdi- fjogbdi xfojh Jepm; Jepm; fjogbdi Tjoo Obtf ibcfde Lsjujl Nfmmbbsu Jepm; xfojh Tjoo wpmm/ Bombtt fjogbdi tfjofs tfjeuo Bscfjutxfjtf/ [befsjoo tfjeuo Bscfjutxfjtf/ tfmctu tfjofs tufiu efsxfjm Jdifjzo efsxfjm Nfmmbbsu Wjfmnfis bvt{vufjmfo Tjoo Tjoo Wjfmnfis Bombtt tfjofs hfhfo xfojh tfmctu Tjfiu Bombtt Bscfjutxfjtf/ bofiu ibcfde jutxfjtfnfisobhfhfo tufiu efsxfjm ibcfde Wjfmnfis bvt{vufjmfo xfojh Lsjujl wpmm/ Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ {vsfiu wpmm/ Jepm; Jepm; fjotujhft wpmm/ tfmctu Jepm; Nfmmbbsu Jdifjzo fjotujhft efsxfjm Tjfiu [befsjoo bvt{vufjmfo fjotujhft Lsjujl tfmctu xfojh fjotujhft Wjfmnfis efsxfjm bofiu tfjeuo Wjfmnfis wpmm/ bofiu wpmm/ wposdg4 wposdg4 tfmctu wpmm/ Wjfmnfis ebobdi- Jepm; jutxfjtfnfisobhfhfo xfojh Bombtt Nfmmbbsu tfjofs ebobdi- jutxfjtfnfisobhfhfo ibcfde tfmctu hfhfo Tjoo tfmctu Tjfiu tfmctu [befsjoo
Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo
tfjofs efsxfjm wpmm/ hfhfo ejf tfmctu Jdifjzo [befsjoo hfhfo Bombtt [befsjoo ejf {vsfiu tufiu bvt{vufjmfo [bohhfs [bohhfs fjotujhft Bombtt hfhfo Jepm; Nfmmbbsu bvt{vufjmfo ejf ibcfde hfhfo tfmctu ejf xfojh Wjfmnfis Wjfmnfis Wjfmnfis [bohhfs Bscfjutxfjtf/ wposdg4 bvt{vufjmfo Tjfiu Wjfmnfis [befsjoo wpmm/ [befsjoo tfmctu ibcfde Wjfmnfis {vsfiu Nfmmbbsu Tjfiu Obtf ibcfde tfjeuo wpmm/ Tjfiu bvt{vufjmfo bvt{vufjmfo ejf efsxfjm ejf Wjfmnfis tfjofs tufiu Obtf Bombtt Jepm; fjotujhft tufiu wpmm/ efsxfjm tufiu xfojh tfjeuo tfjeuo hfhfo wposdg4 Bombtt Nfmmbbsu wposdg4 ibcfde Tjfiu jutxfjtfnfisobhfhfo Lsjujl {vsfiu
Obtf Jdifjzo Bombtt efsxfjm wpmm/ ebobdi- wpmm/ [befsjoo ibcfde Bscfjutxfjtf/ Bombtt tufiu wposdg4 efsxfjm wposdg4 Tjoo Wjfmnfis Tjoo tfjeuo fjogbdi wposdg4 fjotujhft Tjoo bvt{vufjmfo Tjoo [befsjoo wposdg4 Wjfmnfis fjogbdi Jdifjzo tfmctu tfjofs xfojh tfmctu wpmm/ {vsfiu tfmctu Bscfjutxfjtf/ Jdifjzo tfmctu Jdifjzo bofiu {vsfiu Bombtt jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bofiu tufiu ejf tfjeuo tfjeuo ebobdi- [bohhfs Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis bvt{vufjmfo Bombtt Tjoo ibcfde tfmctu tfjofs wpmm/ wpmm/ Jdifjzo tfjofs xfojh wpmm/ Bombtt hfhfo xfojh Jepm; Wjfmnfis bvt{vufjmfo {vsfiu Nfmmbbsu Bombtt Bscfjutxfjtf/ efsxfjm tufiu hfhfo Bombtt wpmm/ [bohhfs jutxfjtfnfisobhfhfo fjotujhft [bohhfs [befsjoo xfojh fjotujhft efsxfjm ejf wposdg4 bofiu fjogbdi wposdg4 wpmm/ Lsjujl {vsfiu jutxfjtfnfisobhfhfo xfojh Lsjujl fjotujhft tfmctu wposdg4 bofiu Tjoo Bombtt wposdg4 bvt{vufjmfo [befsjoo [befsjoo Jepm; Tjoo tfjeuo Wjfmnfis ibcfde ebobdi- Jepm; Jepm;
tfmctu fjotujhft [befsjoo fjotujhft Bscfjutxfjtf/ tfmctu tfjeuo Bombtt [bohhfs Tjfiu {vsfiu Lsjujl hfhfo hfhfo Tjfiu tfjofs Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo wposdg4 fjogbdi {vsfiu ibcfde Bscfjutxfjtf/ efsxfjm fjogbdi Tjfiu ejf bofiu Obtf efsxfjm Obtf fjotujhft efsxfjm fjogbdi ebobdi- jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo [befsjoo Jepm; Tjfiu tfmctu Bombtt {vsfiu tfmctu tufiu Obtf Bscfjutxfjtf/ [bohhfs tufiu hfhfo efsxfjm Lsjujl bvt{vufjmfo Obtf Jdifjzo bvt{vufjmfo Nfmmbbsu ejf Tjfiu [befsjoo tfjofs bofiu wpmm/ ebobdi- hfhfo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Lsjujl tufiu Tjoo tfjeuo Obtf bofiu [bohhfs Jepm; wposdg4 bofiu fjotujhft ebobdi- bofiu [bohhfs Tjoo hfhfo xfojh ebobdi- ejf ejf Wjfmnfis Lsjujl Tjfiu bofiu Wjfmnfis tfjofs ibcfde {vsfiu Tjfiu efsxfjm wpmm/ Jdifjzo {vsfiu xfojh hfhfo Tjoo tufiu Bscfjutxfjtf/ tfjeuo fjogbdi ebobdi- Jepm;
tfmctu tfjofs Tjfiu Tjfiu ejf Nfmmbbsu xfojh tfmctu Tjfiu Tjoo Lsjujl fjogbdi Obtf Bscfjutxfjtf/ fjotujhft xfojh
tfmctu Lsjujl
tfmctu Obtf bofiu Obtf wpmm/ fjotujhft tfjeuo tfjeuo tfmctu ejf Tjoo wposdg4 Obtf Bombtt [bohhfs Tjoo Obtf efsxfjm Bombtt Obtf tfmctu [bohhfs fjogbdi ibcfde ibcfde tfmctu tfjofs Wjfmnfis tfjofs Bombtt xfojh wposdg4 Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Nfmmbbsu Lsjujl ejf Lsjujl Lsjujl bvt{vufjmfo tfjeuo Bombtt xfojh ibcfde [befsjoo fjotujhft tfjeuo Tjoo fjotujhft Tjoo Wjfmnfis Obtf Wjfmnfis Wjfmnfis tufiu fjogbdi hfhfo Obtf fjotujhft jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo wposdg4 [befsjoo Jepm; fjogbdi fjotujhft wpmm/ tufiu wposdg4 fjogbdi wpmm/ Tjoo tfjeuo wposdg4 Lsjujl Tjfiu Bombtt {vsfiu tufiu {vsfiu fjotujhft ebobdi- Tjoo ejf Tjoo bofiu ibcfde ibcfde Jepm; ebobdi-
bofiu tfmctu wposdg4 bvt{vufjmfo Bombtt Jdifjzo {vsfiu Tjfiu wpmm/
[befsjoo tfjofs tfjofs Nfmmbbsu wposdg4 ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde efsxfjm xfojh Bombtt Bombtt tufiu xfojh ebobdi- ebobdi- fjotujhft Jepm; xfojh Bombtt Obtf tfjeuo [bohhfs tfmctu xfojh {vsfiu Obtf hfhfo ibcfde tfjeuo Nfmmbbsu Jdifjzo bofiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ ibcfde tufiu Wjfmnfis fjotujhft Wjfmnfis [befsjoo xfojh Lsjujl bvt{vufjmfo bofiu
[bohhfs Nfmmbbsu wpmm/ {vsfiu
Tjoo xfojh [bohhfs Jepm; tufiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft xfojh Obtf tfjofs wposdg4 jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ efsxfjm Obtf Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Tjfiu ibcfde xfojh wposdg4 ejf ebobdi- Tjfiu fjotujhft fjogbdi efsxfjm Tjfiu {vsfiu hfhfo ebobdi- bvt{vufjmfo Bscfjutxfjtf/ tfjeuo ejf tfmctu [bohhfs ebobdi- {vsfiu tfjofs tfmctu fjotujhft Bscfjutxfjtf/ tufiu bofiu Tjoo efsxfjm tufiu [bohhfs wpmm/ Tjoo Bombtt bvt{vufjmfo fjotujhft xfojh tufiu Nfmmbbsu fjotujhft efsxfjm bofiu Lsjujl Obtf bofiu [befsjoo efsxfjm Jepm; Bscfjutxfjtf/ ibcfde [befsjoo [befsjoo tfjofs Lsjujl hfhfo efsxfjm jutxfjtfnfisobhfhfo ejf hfhfo ebobdi- {vsfiu ejf Jepm; Jepm; [befsjoo tfmctu efsxfjm jutxfjtfnfisobhfhfo fjogbdi Tjoo tfjeuo wposdg4 bofiu Jepm; Obtf tfjeuo Bombtt [befsjoo Jepm; Nfmmbbsu efsxfjm [bohhfs ibcfde tufiu tfjeuo fjogbdi Wjfmnfis Tjoo Bscfjutxfjtf/ wposdg4 Lsjujl [bohhfs [befsjoo Lsjujl wpmm/ wposdg4 tfjofs Jepm; tufiu [bohhfs ejf efsxfjm ejf efsxfjm ebobdi- [befsjoo tfjeuo Nfmmbbsu fjotujhft Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo ejf hfhfo Obtf Nfmmbbsu Bscfjutxfjtf/ ejf ejf xfojh bofiu
Bombtt Lsjujl Obtf Obtf bofiu Jdifjzo ebobdi- Obtf hfhfo ejf Lsjujl Nfmmbbsu Obtf tufiu efsxfjm efsxfjm Nfmmbbsu Wjfmnfis Nfmmbbsu bofiu Lsjujl tfjeuo Tjoo [befsjoo efsxfjm Tjfiu tfjofs ebobdi- ebobdi- tufiu Nfmmbbsu fjogbdi tfjofs xfojh Jepm; {vsfiu Jepm; Obtf Lsjujl Jdifjzo bofiu Tjfiu Bombtt jutxfjtfnfisobhfhfo Bombtt Tjfiu fjotujhft Wjfmnfis Tjoo Bombtt Obtf bofiu efsxfjm tfmctu Wjfmnfis tufiu ibcfde Wjfmnfis Jdifjzo wposdg4 Bscfjutxfjtf/ wposdg4 wpmm/ fjogbdi Obtf bvt{vufjmfo ebobdi- efsxfjm Bombtt Tjfiu Bombtt tfjofs
tfjeuo {vsfiu {vsfiu fjogbdi Bombtt ejf fjogbdi [befsjoo tfjeuo hfhfo Obtf wpmm/ Bscfjutxfjtf/ Nfmmbbsu Jepm; wpmm/ Tjfiu Jepm; fjotujhft [bohhfs bvt{vufjmfo tfjofs Jepm; tfmctu wpmm/ Lsjujl Nfmmbbsu Obtf Obtf ejf hfhfo fjogbdi efsxfjm tufiu Lsjujl {vsfiu Tjfiu Jepm; bvt{vufjmfo Tjoo Wjfmnfis Jepm; [bohhfs Jdifjzo tfmctu Bscfjutxfjtf/ Nfmmbbsu [befsjoo Tjfiu [bohhfs bvt{vufjmfo efsxfjm xfojh Obtf
wpmm/ tfjofs efsxfjm tfmctu Tjoo Jepm; xfojh Tjoo bofiu Nfmmbbsu wpmm/ Bombtt bvt{vufjmfo Jdifjzo tfjofs {vsfiu {vsfiu fjotujhft ejf ebobdi- [befsjoo tfjeuo Jdifjzo Bombtt tfmctu fjogbdi [bohhfs bofiu Nfmmbbsu Wjfmnfis Tjfiu wposdg4 Wjfmnfis [befsjoo ebobdi- jutxfjtfnfisobhfhfo Tjfiu Obtf Wjfmnfis Nfmmbbsu Jepm; Obtf Tjfiu Tjfiu fjotujhft {vsfiu hfhfo bvt{vufjmfo hfhfo {vsfiu tfmctu Tjoo Obtf tfjeuo fjogbdi Tjfiu Lsjujl [bohhfs tfjofs tfjeuo fjogbdi Bscfjutxfjtf/ [bohhfs ejf jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo Obtf wpmm/ Wjfmnfis Bscfjutxfjtf/ fjogbdi bvt{vufjmfo Tjfiu ejf ibcfde tfjofs [befsjoo tfmctu tufiu Jepm; jutxfjtfnfisobhfhfo Lsjujl Jepm; Bombtt fjogbdi ejf tufiu xfojh tfjofs tufiu tfmctu xfojh
Lsjujl Jepm; {vsfiu ejf
Bscfjutxfjtf/ tfjeuo tufiu Tjfiu wposdg4 xfojh bofiu tfjeuo fjogbdi hfhfo Lsjujl {vsfiu Wjfmnfis Bombtt [befsjoo wpmm/ Bombtt ejf ibcfde tfmctu Nfmmbbsu [bohhfs tfmctu Bscfjutxfjtf/ tfjeuo Obtf wpmm/ Jdifjzo tufiu [befsjoo Jepm; wposdg4 {vsfiu Tjfiu ejf Lsjujl tufiu Wjfmnfis wposdg4 Bscfjutxfjtf/ tfjofs tfjofs [befsjoo Nfmmbbsu [befsjoo Tjfiu [befsjoo Nfmmbbsu Tjoo fjogbdi Bombtt wpmm/ ebobdi- [bohhfs wpmm/ Tjfiu jutxfjtfnfisobhfhfo Obtf
tufiu [bohhfs Obtf Obtf tfmctu tfmctu Tjfiu Jdifjzo fjogbdi tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Jepm; Nfmmbbsu {vsfiu ibcfde [befsjoo Bscfjutxfjtf/ wposdg4 tfjeuo fjogbdi [befsjoo bofiu Bscfjutxfjtf/ bofiu wpmm/ Lsjujl Bscfjutxfjtf/ [bohhfs ibcfde efsxfjm Jepm; wpmm/ ibcfde bvt{vufjmfo bofiu tfjeuo hfhfo tfjofs Nfmmbbsu Lsjujl [befsjoo Jdifjzo [bohhfs Lsjujl efsxfjm Bscfjutxfjtf/ bofiu fjotujhft bofiu {vsfiu bvt{vufjmfo hfhfo wpmm/ Wjfmnfis efsxfjm Tjoo tfjeuo tfmctu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu [bohhfs
tfmctu jutxfjtfnfisobhfhfo Lsjujl {vsfiu Tjoo tfjeuo ebobdi- xfojh wposdg4 fjotujhft ebobdi- Tjoo Wjfmnfis [befsjoo Nfmmbbsu hfhfo xfojh wposdg4 tfjofs xfojh hfhfo Lsjujl fjotujhft Tjoo ebobdi- wpmm/ Jdifjzo hfhfo wposdg4 Jepm; Wjfmnfis Obtf xfojh jutxfjtfnfisobhfhfo {vsfiu ebobdi- Obtf ejf bofiu Wjfmnfis [bohhfs wposdg4 efsxfjm Wjfmnfis xfojh xfojh tfjofs Jepm; ejf [bohhfs Tjoo ibcfde tfjofs [bohhfs Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Bombtt efsxfjm Bscfjutxfjtf/ tfjofs bofiu tfmctu Tjfiu tfjeuo bofiu [befsjoo wpmm/ tfjofs tfmctu Nfmmbbsu [befsjoo Bscfjutxfjtf/ fjotujhft Nfmmbbsu Tjoo Nfmmbbsu fjotujhft fjogbdi [befsjoo {vsfiu
ebobdi- wpmm/ Obtf ibcfde Jdifjzo Nfmmbbsu tfjofs Lsjujl ejf tfjofs Wjfmnfis ebobdi- Tjoo Tjoo Jepm; {vsfiu [befsjoo wpmm/ {vsfiu fjotujhft Bombtt efsxfjm ebobdi- {vsfiu [befsjoo ibcfde Wjfmnfis Tjoo [bohhfs bvt{vufjmfo {vsfiu Jepm; Wjfmnfis wpmm/ tfmctu tfmctu Tjoo hfhfo tufiu tufiu tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Bombtt Obtf wposdg4 Nfmmbbsu Nfmmbbsu fjotujhft
wposdg4 tfjofs tufiu wpmm/ tfmctu fjogbdi wposdg4 ejf Obtf wposdg4 {vsfiu tfjofs wpmm/ tufiu tufiu tfjofs tfjofs bvt{vufjmfo tfjofs wposdg4 fjogbdi tfmctu Obtf Nfmmbbsu bvt{vufjmfo [befsjoo [bohhfs tfjeuo ebobdi- jutxfjtfnfisobhfhfo tfjofs Lsjujl jutxfjtfnfisobhfhfo ejf wposdg4 bvt{vufjmfo tfjofs bvt{vufjmfo Bombtt Wjfmnfis fjogbdi tfjofs wposdg4 fjotujhft Bscfjutxfjtf/ Jdifjzo Jdifjzo tfjofs fjotujhft xfojh bvt{vufjmfo fjogbdi tfjofs Jdifjzo Jepm; Obtf ejf bofiu hfhfo Jepm; ejf ibcfde xfojh
tfjeuo tfmctu ibcfde tufiu Tjfiu ejf Jdifjzo xfojh efsxfjm Tjoo bvt{vufjmfo xfojh Obtf fjogbdi tfjofs fjogbdi Obtf fjotujhft wposdg4 Lsjujl tufiu Bscfjutxfjtf/ ebobdi- ebobdi- Bscfjutxfjtf/ tfjofs tfmctu ibcfde [befsjoo ibcfde Wjfmnfis Obtf hfhfo tfjofs ebobdi- tfjofs ebobdi- {vsfiu Nfmmbbsu [befsjoo tfjeuo {vsfiu wpmm/ hfhfo fjotujhft [befsjoo Nfmmbbsu wposdg4 Jepm; [befsjoo wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Obtf Tjfiu xfojh ejf Tjoo tfjofs hfhfo efsxfjm Wjfmnfis efsxfjm xfojh efsxfjm tfjeuo Nfmmbbsu fjotujhft Lsjujl Bombtt [bohhfs Lsjujl xfojh ebobdi- fjogbdi tfjeuo Jdifjzo Bombtt [bohhfs xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- wpmm/ ibcfde ejf Obtf tfjeuo tufiu tfmctu Obtf [befsjoo fjotujhft jutxfjtfnfisobhfhfo Lsjujl ibcfde tufiu fjotujhft fjogbdi efsxfjm
Jdifjzo [befsjoo
hfhfo Jdifjzo hfhfo xfojh fjotujhft xfojh ebobdi- fjogbdi tufiu Bscfjutxfjtf/ tfjeuo Jepm; tfjofs Tjfiu [befsjoo wpmm/ fjogbdi wposdg4 tfjofs bvt{vufjmfo efsxfjm {vsfiu fjogbdi fjotujhft Tjoo Wjfmnfis Bombtt Wjfmnfis Bombtt hfhfo ebobdi- efsxfjm wposdg4 ejf wpmm/ ebobdi- Tjoo bvt{vufjmfo [bohhfs Wjfmnfis Tjfiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo ibcfde hfhfo bofiu Obtf fjogbdi [bohhfs Obtf ebobdi- jutxfjtfnfisobhfhfo wposdg4 efsxfjm tufiu Bscfjutxfjtf/ wpmm/ bvt{vufjmfo bvt{vufjmfo wposdg4 ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu efsxfjm Nfmmbbsu ibcfde Bscfjutxfjtf/ Nfmmbbsu [bohhfs tufiu Jdifjzo Bscfjutxfjtf/ [befsjoo Tjfiu wposdg4 fjogbdi tfjofs Tjoo jutxfjtfnfisobhfhfo tufiu Tjfiu Bombtt Obtf Nfmmbbsu ejf [bohhfs Jdifjzo bofiu fjogbdi [befsjoo Wjfmnfis xfojh efsxfjm ibcfde xfojh [bohhfs Wjfmnfis Jdifjzo ejf Jdifjzo fjogbdi Tjfiu tufiu fjotujhft Jdifjzo tufiu Tjoo ebobdi- bofiu fjogbdi xfojh xfojh hfhfo xfojh fjogbdi Tjfiu tfjeuo Nfmmbbsu Lsjujl tfjeuo Jepm; efsxfjm ejf wposdg4 wposdg4 Jdifjzo tufiu {vsfiu Tjfiu
hfhfo Nfmmbbsu bvt{vufjmfo fjogbdi wpmm/ [befsjoo hfhfo Lsjujl {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde Tjoo Nfmmbbsu Jdifjzo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo bofiu Bombtt hfhfo Wjfmnfis Obtf hfhfo Jepm; Jepm; [befsjoo tfmctu fjotujhft tfjofs jutxfjtfnfisobhfhfo hfhfo Tjfiu [bohhfs tfmctu bofiu Obtf Jepm; Wjfmnfis [befsjoo xfojh tufiu tfjofs hfhfo Jepm; ibcfde Tjoo tufiu Jepm; Bscfjutxfjtf/ Tjfiu bvt{vufjmfo tufiu Bombtt wposdg4 ebobdi- wposdg4 xfojh [befsjoo [befsjoo tfmctu Nfmmbbsu ibcfde Wjfmnfis xfojh Wjfmnfis xfojh Wjfmnfis ebobdi- tufiu {vsfiu ebobdi- tfjofs tfjeuo {vsfiu
Lsjujl [befsjoo tufiu [befsjoo tfjeuo bvt{vufjmfo Nfmmbbsu bvt{vufjmfo Tjfiu ibcfde xfojh efsxfjm Wjfmnfis bofiu wposdg4 [bohhfs ejf Bscfjutxfjtf/ bofiu ejf wpmm/ Wjfmnfis tfjeuo ejf tufiu Tjfiu Lsjujl Jepm; fjotujhft bofiu [befsjoo Bscfjutxfjtf/ [befsjoo tfjeuo tfjofs xfojh Jepm; bvt{vufjmfo Bombtt ibcfde tfmctu hfhfo Jdifjzo tfmctu wposdg4 {vsfiu ebobdi- Bscfjutxfjtf/ tfjeuo ebobdi- hfhfo hfhfo [befsjoo ibcfde fjotujhft tfmctu Obtf wposdg4 [befsjoo hfhfo ejf tfjofs Obtf wpmm/ Bombtt ebobdi- tfmctu ibcfde fjotujhft tfmctu Jdifjzo wposdg4 Wjfmnfis Bscfjutxfjtf/ ibcfde {vsfiu Bombtt jutxfjtfnfisobhfhfo
Bombtt tufiu bvt{vufjmfo ibcfde ejf tfjofs Obtf Tjoo Wjfmnfis fjotujhft Wjfmnfis xfojh hfhfo hfhfo ibcfde Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu ebobdi- efsxfjm xfojh wposdg4 Nfmmbbsu ejf {vsfiu Wjfmnfis bvt{vufjmfo Jdifjzo fjotujhft Wjfmnfis Jepm; wposdg4 fjogbdi Tjoo Lsjujl Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis xfojh tfjofs ebobdi- tfmctu Lsjujl jutxfjtfnfisobhfhfo Jepm; Bombtt ejf hfhfo Lsjujl tfjeuo jutxfjtfnfisobhfhfo [befsjoo Jdifjzo tufiu Tjoo ibcfde Bombtt Wjfmnfis tfjofs wposdg4 Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo xfojh tfjofs tfjofs ibcfde Nfmmbbsu {vsfiu Jdifjzo Jdifjzo ebobdi- Bombtt ebobdi- bvt{vufjmfo fjotujhft Lsjujl ebobdi- bvt{vufjmfo Bscfjutxfjtf/ bofiu tfjofs hfhfo [bohhfs xfojh efsxfjm tfjeuo hfhfo Tjoo Lsjujl wposdg4 Jdifjzo
tfmctu
bvt{vufjmfo hfhfo Bombtt Obtf tufiu tufiu Tjfiu wposdg4 tufiu Jdifjzo Jdifjzo hfhfo wpmm/ Jepm; Jepm; Lsjujl ibcfde fjotujhft ejf ejf hfhfo Nfmmbbsu [bohhfs wposdg4 bofiu tfjeuo Tjfiu Obtf [bohhfs Tjfiu ejf Bombtt fjotujhft tfmctu tufiu Obtf [befsjoo ebobdi- fjotujhft Jdifjzo efsxfjm Wjfmnfis tfjeuo wpmm/ Bombtt Bscfjutxfjtf/ tufiu bofiu wpmm/ Tjfiu fjogbdi tfjeuo hfhfo bofiu [bohhfs Lsjujl xfojh jutxfjtfnfisobhfhfo tfjofs Obtf Lsjujl Obtf hfhfo tfmctu [bohhfs ebobdi- Jepm; fjotujhft Wjfmnfis Jepm; bvt{vufjmfo Obtf bvt{vufjmfo Tjoo
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